The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Sorry, seems like that link will not open so I will copy the release here.
(May 3 - 2023, Oslo, Norway) Today, Nel announced its plans to build a new automated gigawatt electrolyser manufacturing facility in Michigan. When fully developed, the facility will employ more than 500 people and be among the largest electrolyser manufacturing plants in the world.
The announcement was made at the SelectUSA Investment Summit in Washington with Department of Commerce Secretary Gina Raimondo, and the Governor of Michigan, Gretchen Whitmer.
“We’re thrilled to bring home up to $400 million in investment from Nel Hydrogen creating more than 500 good-paying, clean energy jobs right here in Michigan,” says Governor Whitmer.
“Earlier this year, I went on an economic mission to Europe to show the world what Michigan has to offer, and as a result of our efforts on the trip, we secured an investment from Nel to continue building on our leadership in cars, chips, and clean energy. As a major player in all three of these sectors, Michigan is serious about leading hydrogen development and winning today’s investment proves that the best manufacturing in the world happens right here in Michigan.” she says.
Over the past year, Nel has assessed a wide range of states for the location of its new manufacturing facility, and the company has now concluded that Michigan is the best option.
“The choice of Michigan is based on an overall assessment of what the state can offer in terms of financial incentives, access to a highly skilled workforce, and cooperation with universities, research institutions, and strategic partners. I will also highlight the personal engagement from Governor Whitmer and her competent and service-minded team”, says Nel’s CEO, Håkon Volldal.
Volldal emphasizes that the short distance to General Motors, headquartered in Detroit, has played a decisive role in the choice of state. The two companies collaborate to develop further and improve Nel’s PEM electrolyser technology.
“Having Nel’s new facility close to our home base of HYDROTEC development, in southeastern Michigan, will help us more quickly accelerate our electrolyzer collaboration,” says GM executive director of HYDROTEC Charlie Freese.
https://news.cision.com/nel-asa/r/nel-plans-gigafactory-in-michigan,c3763278
https://www.independent.co.uk/news/ap-michigan-gretchen-whitmer-norwegian-detroit-b2331833.html?amp
Seems to be a pretty huge vote of confidence from GM and a deepening of US relationship.
Overall I thought it was a pretty strong presentation today. Each company in the sector keeps proclaiming the size of the market and the scaling up required to meet it, but the market on the whole seems to be roundly dismissing it after feeling like they overpriced the sector a couple of years ago. I'm pretty sure they've gone fully the other way and most of these opportunities are now underpriced. Hope I'm right.
“Nel is observing a constant increase in interest and potential opportunities within the hydrogen industry. Our pipeline continues to improve and mature, and we continue to secure large-scale contracts. As a result, we shall keep on investing in the organization, improving our technology platforms, and scaling manufacturing capacity,” says Volldal.
The construction of Nel’s second production line at Herøya is progressing according to plan, bringing the total production capacity to 1 GW. In addition, the company is preparing to automate its PEM electrolyser technology's production process, and expand to ~500 MW manufacturing capacity at its facility in Wallingford, Connecticut.
Furthermore, the site selection process for Nel’s new gigawatt Alkaline and PEM manufacturing facility in the US is now in its very final stage, and the company will shortly communicate in which state this factory will be located.
The first quarter 2023 report and presentation are enclosed and available on www.newsweb.no (Ticker: NEL) and www.nelhydrogen.com. The presentation will be a virtual event only, followed by a Q&A session. The live presentation can be accessed on the company’s website www.nelhydrogen.com or by following this link. A recording of the presentation will be publicly available following the event.
logo
OSE-FILING
April 27, 2023 – Oslo, Norway
Nel ASA: First quarter 2023 financial results
(April 27 - 2023, Oslo, Norway) Nel ASA (Nel, OSE:NEL) reported revenues of NOK 359 million in the first quarter of 2023, up 68% from NOK 213 million in the same quarter of 2022. Order intake was NOK 580 million, up 105% year-on-year, positively impacted by purchase orders from HH2E (EUR 34 million) and HyCC (EUR 12 million). At the end of the first quarter, the order backlog was NOK 2 913 million, up 126% from Q1 2022. The cash balance was NOK 4 621 million at quarter end.
Quarterly highlights
Nel reported revenue and operating income in the first quarter of 2023 of NOK 359 million, up 68% from the first quarter of 2022 (Q1 2022: 213). All segments, Fueling, PEM electrolysers and alkaline electrolysers experienced strong growth compared to the same quarter last year.
Order intake in the quarter amounted to NOK 580 million (96% from electrolyser), up 105% from the same quarter last year (Q1 2022: 283).
At quarter end, Nel had a record high order backlog of NOK 2 913 million (88% related to electrolyser), up 126% from the first quarter of 2022 and up 12% compared to the previous quarter.
EBITDA of NOK -121 million (Q1 2022: -152) driven by high losses in Fueling, low margins on electrolyser projects signed in 2020/2021, and increased personnel expenses to prepare for large-scale projects.
Net loss of NOK -192 million (Q1 2022: 84), mainly related to loss from operations and a net negative unrealized fair value adjustment from shareholdings of NOK -76 million. The same quarter last year had a positive unrealized fair value adjustment from shareholdings of NOK 270 million.
Cash balance of NOK 4 621 million (Q1 2022: 3 940) following a successful private placement during the quarter which raised NOK 1 609 million in gross proceeds.
Nel had a good start to 2023 with robust growth for its Electrolyser division compared to the previous year’s first quarter. The production volumes at the company’s manufacturing facility at Herøya in Norway are increasing, and the company received two large purchase orders for its alkaline electrolyser equipment. The new contracts followed a solid second half of 2022, with the company improving terms and conditions on significantly larger contracts.
“Our results are improving as a consequence of increased production volumes and the fact that better margins on our newest contracts have started to impact our financial results,” says Nel’s CEO, Håkon Volldal.
At quarter-end, the cash balance was NOK 4 621 million (Q1 2022: 3 940) following a successful private placement on 6 March 2023. The capital raise puts Nel in a solid financial position as the company is committed to capitalizing on its position as a technology frontrunner.
Volldal says Nel will continue to invest in the organization, in technology development, and in scaling up the production capacity.
“Nel is observing a constant increase in
Nel ASA: Invitation to presentation of Q1 2023 results
(April 20, 2023 – Oslo, Norway) Nel ASA (Nel, OSE:NEL) will publish its first quarter 2023 report on 27 April 2023 at 07:00 CET, and host a presentation at 08:00 CET.
The presentation will be a virtual event only, followed by a Q&A session.
The live presentation can be accessed on the company’s website www.nelhydrogen.com or by following this link. A recording of the presentation will be publicly available following the event.
The first quarter 2023 report and presentation will be made available on www.newsweb.no and www.nelhydrogen.com.
(March 22, 2023 – Oslo, Norway) Nel ASA (Nel, OSE: NEL) calls for its Annual General Meeting to be held as a digital event on 21 April 2023 at 15:00 (CET).
Please find attached the convening notice, the proposal from the nomination committee in Nel ASA for the annual general meeting, and a remuneration report. Relevant documents and link for registration are made available on www.nelhydrogen.com.
The general meeting will be held as a digital event. Please log in at https://dnb.lumiagm.com/116095640 to participate. You will find a guide in the attachment describing more in detail how you as a shareholder can participate in the virtual meeting.
March 17, 2023 - Oslo, Norway,) Thursday, the European Commission presented initiatives to increase the speed and scale-up of the renewable hydrogen industry.
The Net Zero Industry Act identifies electrolysers as a strategic net zero technology for Europe. It aims to accelerate permitting and reduce the administrative burden on electrolyser manufacturers when applying for permits. Until now, there have been no harmonized rules across the European internal market regarding the permitting of clean-tech manufacturing.
“We look forward to the implementation of the numerous EU initiatives intending to create an attractive investment framework in Europe,” says Nel’s CEO, Håkon Volldal.
The EU package also includes an aspirational target of meeting at least 40% of the EU’s annual electrolyser manufacturing deployment needs by 2030 with electrolysers made in Europe.
“There is fierce competition between continents for global leadership in renewable hydrogen technology, and we welcome the EU setting a target for the production of electrolysers made in Europe,” says Volldal.
The Commission also communicated on the highly anticipated “Hydrogen Bank.” A first pilot auction of the Hydrogen Bank with an indicative budget of €800 million will be launched in the autumn of 2023. Winners of the auction will receive a fixed premium for each kg of renewable hydrogen produced over 10 years.
In addition, the European Commission presented a proposal for a “Critical Raw Materials Act” aimed at strengthening the European critical raw materials value chain as well as diversifying the EU’s imports of critical raw materials whilst reducing strategic dependencies.
The world’s first
Nel’s production of alkaline electrodes at Herøya in Norway, where the company has established the world’s first fully automated electrolyser factory, does not depend on any rare earth metals or other scarce resources. The facility has a capacity of 500 MW and the company has started the construction of a second production line, which will take the manufacturing capacity in Herøya to 1 GW by April 2024. The facility can be further expanded to 2GW manufacturing capacity.
In addition, Nel recently announced that the company has made a final investment to expand its existing manufacturing facility in Wallingford (US) from 50 to 500MW annual output.
The company is also in the final site selection phase for a new gigafactory in the United States of America. The gigafactory will have a potential annual manufacturing capacity of up to 4 GW.
Volldal says Nel is committed to adding capacity when and where the market needs it.
“We will continue to search for sites for further expansion. With our fully automated manufacturing concept, we have a great starting point for building more production lines and factories,” says Volldal.
Nel ASA: Receives firm purchase order from HH2E for 120 MW of electrolyser equipment
(March 14, 2023 - Oslo, Norway,) Reference made to the press release issued January 6, 2023, regarding a Letter of Intent with HH2E. Nel Hydrogen Electrolyser AS, a subsidiary of Nel ASA (Nel, OSE:NEL), has now signed a firm contract with HH2E for 120 MW of alkaline electrolyser equipment. The value of the contract is approximately EUR 34 million.
HH2E is a renewable energy company planning to deploy scalable hydrogen projects in Germany, such as the HH2E Lubmin in Mecklenburg-Vorpommern, where hydrogen production will commence by 2025 and be increased substantially by 2030.
"These projects are important for the energy transition in Germany and Europe, and we are excited to support HH2E in their efforts to create a greener society”, says Håkon Volldal, CEO of Nel
“One of the prerequisites for reaching our goal of producing at least a quarter of a million tonnes per year of RED-II compliant green hydrogen in Germany by 2030 is the sufficient availability of high-quality electrolysers in Europe, such as those that Nel will supply. We are convinced on Nel's technology, customer support, and experience.", says Andreas Schierenbeck, Co-founder and board member of HH2E.
https://mb.cision.com/Public/115/3722339/88c2e2916664514f.pdf
In the fourth quarter, Nel entered into a joint development agreement with General Motors and signed contracts with Woodside Energy and Statkraft. This positive development follows a strong third quarter in which the company secured a record size 200 MW order from a US client.
“We experience a strong market momentum and a high order intake, and we foresee this trend to continue going forward”, says Nel’s CEO, Håkon Volldal. “Terms and conditions are improving, and we are now winning attractive large-scale projects with solid margins and manageable risk profiles.”
As the market shifts towards large-scale projects, Nel has developed an ambitious electrolyser strategy.
“We aim to be the leading provider of electrolyser equipment with a 20-30% market share outside China” says Volldal.
To reach this ambition, Nel will continue to grow production capacity, offer the best technology with lowest LCOH and narrow its scope of delivery to stack and balance-of-stack.
For its Fueling division, Nel continues to see short-term challenges. An unfocused market approach has led to high organizational and operational complexity driving cost. Also, immature and non-standardized technology has resulted in high quality costs, which increase with higher station utilization.
“Despite the current poor performance, we see a substantial market potential for heavy-duty hydrogen fueling equipment. Some of the largest energy companies in the world, which are Nel customers, have made long-term commitments to developing this infrastructure,” says Volldal.
Nel is looking to capitalize on its highly experienced workforce and market-leading fueling technology by reducing current complexity and transitioning towards standardized high-capacity products, as well as assessing strategic partnerships and alternatives to improve the business case.
Note, the release date for the annual report has been delayed (from previously communicated 28 February).
EBITDA and other alternative performance measures (APMs) are defined and reconciled to the IFRS financial statements as a part of the APM section of the third quarter 2022 report on page 21.
The fourth quarter 2022 report and presentation are enclosed and available on www.newsweb.no (Ticker: NEL) and www.nelhydrogen.com. The presentation will be a virtual event only, followed by a Q&A session. The live presentation can be accessed on the company’s website www.nelhydrogen.com or by following this link. A recording of the presentation will be publicly available following the event.
Nel ASA: Fourth quarter 2022 financial results
(February 28 - 2023, Oslo, Norway) Nel ASA (Nel, OSE:NEL) reported revenues of NOK 414 million in the fourth quarter of 2022, up from NOK 248 million in the same quarter of 2021. Order intake was NOK 982 million, up 135% year-on-year, positively impacted by the NOK 600 million Woodside contract and the NOK 120 million Statkraft contract. At the end of the fourth quarter the order backlog was 2 613 million, up 112% from Q4 2021. The cash balance was NOK 3 139 million at quarter end.
Quarterly highlights
Nel ASA (Nel) reported revenue and operating income in the fourth quarter 2022 of NOK 414 million, up 67% from the fourth quarter 2021 (Q4 2021: 248). All segments, Fueling, PEM electrolysers and alkaline electrolysers experienced strong growth compared to same quarter last year. Full year revenue 2022 of NOK 994 million, up 25% compared to 2021.
Order intake in the quarter amounted to NOK 982 million (92% from electrolyser), up 135% from the same quarter last year (Q4 2021: 418). Full year order intake 2022 of NOK 2 275 million, up 135% compared to 2021.
At quarter end, Nel had a record high order backlog of NOK 2 613 million (85% related to electrolyser), up 112% from the fourth quarter of 2021, and up 24% compared to the previous quarter.
As a result of Fueling’s current financial performance and delayed growth trajectory, Nel has impaired all goodwill previously recognised in Fueling of NOK 296 million. In addition, Nel recognises an impairment of other intangible assets in Fueling by NOK 31 million.
EBITDA of NOK -216 million (Q4 2021: -168) driven by high losses in Fueling, low margins on electrolyser projects signed in 2020/2021 and increased personnel expenses to prepare for large-scale projects. Full year EBITDA of NOK -780 million, compared to EBITDA -475 million in 2021.
Cash balance of NOK 3 139 million (Q4 2021: 2 723).
Subsequent to the quarter,
Received purchased order from HyCC with a value of approximately NOK 125 million.
Investment decision to increase PEM production capacity in Wallingford to ~500 MW. Total capital expenditures estimated to be around NOK 260 million, and estimated to be at full capacity in 2025.
Revenues in Q4 2022 were NOK 414 million, up from NOK 248 million in Q4 2021. Nel Hydrogen Electrolyser reported 75% increase in revenue and operating income compared to the same quarter last year. Growth in alkaline electrolysers was strong as Nel continued the deliveries of electrolyser systems from the manufacturing facility at Herøya in Norway according to plan. Revenues from sales of alkaline electrolysers increased 337% compared to the same quarter last year, and quarterly sales of PEM electrolysers increased 14% from 2021. In Fueling, revenues have been suppressed by supply chain disruptions, which result in longer delivery times, some of which have accumulated into revenues this quarter.
Nel ASA: Expanding production capacity in Wallingford
(February 28 - 2023, Oslo, Norway) Nel ASA (Nel, OSE:NEL): Nel has taken the final investment decision to expand the production capacity at its PEM electrolyser manufacturing facility in Wallingford, Connecticut. The expansion will bring annual production capacity towards 500 MW in 2025.
“This is an important milestone for Nel,” says Nel’s CEO, Håkon Volldal. “With this expansion, we will increase PEM production capacity substantially and simultaneously reduce stack cost and improve stack efficiency.”
The investment cost is estimated at approximately NOK 260 million, and the new production line is expected to reach nameplate capacity in 2025.
“Last year we opened the world's first fully automated alkaline electrolyser plant in Herøya, Norway. Now we will industrialize the PEM platform, and the expansion in Wallingford is an important first step”, says Volldal.
The development of the ~500 MW PEM production line will be a substantial contributor to further expansion plans in the US, where developing a quality production concept is crucial for preparing Nel’s planned Gigafactory.
The planned Gigafactory will have a potential of up to ~4 GW production capacity, distributed between both PEM and Alkaline.
“We are considering three attractive alternatives in three different states and will make a final decision shortly,” says Volldal.
Nel is also expanding in Norway. The company recently started constructing the second production line at the Herøya facility, and the production capacity is expected to reach approximately 1 GW in April 2024.
“During the last months, we have received significant purchase orders for large-scale electrolyser projects. Therefore, we have ramped up production from three to five shifts, meaning that production is now running around the clock, also on the weekends”, says Volldal.
CORRECTION: Nel ASA: Invitation to presentation of Q4 2022 results
CORRECTION: There was an error in the date for the presentation. See corrected information below.
(February 21, 2023 – Oslo, Norway) Nel ASA (Nel, OSE:NEL) will publish its fourth quarter 2022 report on Tuesday 28 February at 07:00 CET, and host a presentation at 08:00 CET.
The presentation will be a virtual event only, followed by a Q&A session.
The live presentation can be accessed on the company’s website www.nelhydrogen.com or by following this link. A recording of the presentation will be publicly available following the event.
The fourth quarter 2022 report and presentation will be made available on www.newsweb.no and www.nelhydrogen.com.
Nel ASA: Invitation to presentation of Q4 2022 results
(February 21, 2023 – Oslo, Norway) Nel ASA (Nel, OSE:NEL) will publish its fourth quarter 2022 report on Thursday 28 February at 07:00 CET, and host a presentation at 08:00 CET.
The presentation will be a virtual event only, followed by a Q&A session.
The live presentation can be accessed on the company’s website www.nelhydrogen.com or by following this link. A recording of the presentation will be publicly available following the event.
The fourth quarter 2022 report and presentation will be made available on www.newsweb.no and www.nelhydrogen.com.
Nel ASA: Receives purchase order for 40 MW electrolyser equipment from HyCC
(February 6, 2023 - Oslo, Norway) Nel Hydrogen Electrolyser AS, a subsidiary of Nel ASA (Nel, OSE:NEL), has signed a contract for 40 MW of alkaline electrolyser equipment for about EUR 12 million with HyCC for its H2eron project in Delfzijl, Netherlands. Kraftanlagen Energies & Services has been contracted for the FEED study related to the project.
SkyNRG will use the hydrogen to produce sustainable aviation fuel (SAF), made from industrial byproducts and residue streams, such as used cooking oil. HyCC recently received the environmental permit for the project, and the company is working towards a final investment decision (FID) in 2024, in close alignment with SkyNRG and its partners.
“H2eron will have a great positive impact on emission reductions from the aviation sector, and we are proud to be selected as the supplier of our well-proven electrolyser technology to this exciting and important project”, says Hans Hide, Nel’s Chief Project Officer. “We are also excited to work with Kraftanlagen on this project, a professional EPC company. This allows Nel to focus on its core scope while still bringing a competitive solution for the hydrogen production system to the customer.”
“Reliable supplies of green hydrogen are key to decarbonizing sectors such as the aviation industry. We build on decades of experience in large-scale electrolysis and are excited to move to the next phase of the project with these strong partners to lay the foundation for the new hydrogen economy”, says Marcel Galjee, Managing Director of HyCC
“We are proud to bring our proven EPC expertise to this lighthouse project. This project will significantly support the decarbonization of the aviation industry. It is important that large-scale green hydrogen production plants now become reality and H2eron will provide for more sustainable aviation. At Kraftanlagen, we are committed to bring these projects to execution and make green hydrogen available”, says Alfons Weber, CEO of Kraftanlagen Energies & Services.
This is a firm purchase order for alkaline electrolyser equipment. Electrode production is estimated to commence in Q4 2025.
Nel ASA: Announces sale of Hyon shares
(January 24, 2023 - Oslo, Norway,) Nel ASA, (Nel, OSE:NEL) has divested all its shares in Hyon AS. A total of 9,804,000 shares were sold for a total net consideration of about NOK 7 million. Nel has reported the holding in Hyon as a financial current asset.
It's good to see the new CEO hitting the ground running. I thought he was slightly abrasive during his first quarterly updates meeting a few months back, but it showed that he's passionate about it and just got a little annoyed that the analysts and some shareholders are being a little too impatient for results.
I've got my fingers crossed for a repeat of 2019-2020 (preferably without a pandemic) as the early projects begin to finalise and we see some big orders come in, and add to that the projects that are running a bit late for their 2025 self-imposed deadlines leading to last minute ordering of electrolysers. Seeing the price shift today on fairly modest order announcements (but long term planning) is very positive.
Still holding.
Thank you toneman it was feeling a bit lonely on here.
About time NEL progress is being rewarded in the SP, hydrogen has been out of fashion for a while.
(January 6, 2023 - Oslo, Norway) Hydrogen technology company Nel and Europe’s largest supplier of renewable energy, Statkraft, newly signed a contract for delivery of 40 MW of electrolyser equipment, and will thus collaborate to create a strong value chain for production of green hydrogen in Norway.
“We are determined that we will contribute towards making Norway a leading producer of renewable hydrogen, and to establish an eco-system of electrolyser and equipment suppliers,” says Nel’s CEO Håkon Volldal and CEO of Statkraft, Christian Rynning-Tønnesen.
The announcement was made in connection with the German Vice Chancellor Robert Habeck’s visit to Nel’s fully automated electrolyser manufacturing facility at Herøya in Norway. The Norwegian Minister of Trade and Industry, Jan Christian Vestre, is also joining the delegation together with his colleague, Minister of Petroleum and Energy, Terje Lien Aasland.
The Ministers are enthusiastic about the two companies’ plans for a green hydrogen value chain in Norway.
“It is encouraging that leading Norwegian players such as Nel and Statkraft are planning value chains for green hydrogen in Norway. This is an important step in the right direction to achieve our ambitions to build a coherent value chain for hydrogen and facilitate the production of hydrogen with no or low emissions to cover the national demand for hydrogen”, says Minister of Petroleum and Energy Terje Aasland.
Statkraft recently placed a purchase order for 40 MW of alkaline electrolyser equipment from Nel. The electrolyser stacks will be produced at Nel’s manufacturing plant at Herøya and used for the production of renewable hydrogen in one of Statkraft’s many hydrogen projects.
As Europe’s largest supplier of renewable energy, Statkraft has the ambition to accelerate its annual development rate to 4 GW of new power production per year and to add 2 GW of renewable hydrogen production by 2030. In Norway Statkraft will strengthen its efforts in developing new renewable power production as well as flexibility within hydropower and wind power both on- and offshore.
“The contract with Nel is the first important step in materializing our ambitious target of 2 GW of green hydrogen and securing production capacity for our diverse pipeline of hydrogen projects,” says Rynning-Tønnesen.
Volldal is very excited to have Statkraft on the customer list.
“Statkraft is Europe’s largest producer of renewable energy and a well reputed and highly knowledgeable renewable energy company with an ambitious growth agenda. We are extremely proud that they have elected us as a supplier of green hydrogen technology,” Volldal says.
“With this and other orders Nel is strengthening its position as a leading supplier and exporter of hydrogen equipment, which is crucial for the green transition in Europe and beyond, and for the development of new green jobs in Norway,” Volldal says.
January 6, 2023 - Oslo, Norway,) Nel Hydrogen Electrolyser AS, a subsidiary of Nel ASA (Nel, OSE:NEL), has agreed with HH2E for a FEED (Front End Engineering and Design) study and a Letter of Intent for two 60 MW electrolyser plants in Germany. The FEED will commence after a firm purchase order is made, and the parties intend to conclude a contract for electrolyser equipment within the first half of 2023.
"These projects are important for the energy transition in Germany and Europe, and we are excited to support HH2E in their efforts to create a greener society”, says Håkon Volldal, CEO of Nel
HH2E’s two 60 MW plants will be among the largest green hydrogen production plants in Europe announced to date. Both facilities are in the first phase and can be significantly expanded. The hydrogen will be used for industrial applications, transportation, and heat. In total, HH2E is aiming for 4 GW of electrolyser capacity in Germany by 2030.
“One of the prerequisites for reaching our growth ambitions is the sufficient availability of high-quality electrolysers in Europe, such as those that Nel will supply. We are very happy and confident with Nel's technology and experience", says Alexander Voigt, Co-founder and board member of HH2E
The signing of the FEED study and Letter of Intent takes place Friday morning, the same day as Germany’s Vice Chancellor Dr. Robert Habeck, Norway’s Minister of Petroleum and Energy, Terje Lien Aasland and Minister of Industry and Trade, Jan Christian Vestre are visiting Nel’s factory in Herøya, Norway, where the electrolyser equipment for this project will be produced.
“This shows the importance of the German market for Nel, and we are honoured that the Vice Chancellor Dr. Robert Habeck, together with members of the Norwegian Government, want to visit our flagship facility today”, says Håkon Volldal
A very interesting read.
https://news.financial/comments/goodbye-tesla-shares-now-bet-on-the-hydrogen-rally-2023-plug-power-first-hydrogen-nel-ballard-power
Nel ASA: Signs Capacity Reservation Agreement for 16 hydrogen fueling stations
(Oslo, Norway, 20 December 2022) Nel Hydrogen Inc., a subsidiary of Nel ASA, (Nel, OSE:NEL) has signed a Capacity Reservation Agreement (CRA) with an undisclosed US energy company, for the delivery of 16 hydrogen fueling stations to be deployed in the US.
In line with the agreement Nel will reserve capacity and start sourcing long-lead items for the fueling stations. The manufacturing of the equipment at Nel’s factory in Herning, Denmark, will commence when a final purchase order is signed.
“We look forward to providing our hydrogen fueling equipment to this important client and contributing to the deployment of hydrogen fueling infrastructure in the US", says Robert Borin, Senior Vice President, Nel Fueling Division.
The value of the CRA is about USD 7 million and is paid upon signature. The final purchase order (including the CRA fee) is estimated to be about USD 17 million, whereas a final agreement is expected to be made in H1 2023. Delivery of the fueling equipment is scheduled to commence in Q4 2023 and run throughout 2024.
I see Rolls Royce completed tests on a hydrogen powered jet engine this week...could be good news for NEL